Mortgage Originators: Appraisals a Huge Concern
Early results released Aug. 20 from the 2012 Loan Originator Survey conducted by Mortgage Daily revealed that the real estate appraisal process is considered one of the most frustrating issues for mortgage loan originators. Respondents also cited the Dodd-Frank Act as having a big impact on their business.
The results are only preliminary because the survey is ongoing and won’t officially close until Sept. 15. Respondents must be mortgage originators registered in the Nationwide Mortgage Licensing System and Registry.
The survey showed strong opposition to current appraisal requirements, with many respondents having made negative comments about today’s appraisal environment. Most respondents reported having lost deals because of low appraisals, and several expressed concern for consumers who are being impacted by the current environment.
More than a quarter of the mortgage originators noted that their income has declined because of the real estate appraisal requirements implemented since the mortgage crisis began.
When asked about Dodd-Frank, many respondents said that their commissions have been mostly unaffected by the legislation. More than a quarter indicated that their income has declined at least 25 percent as a result of the law while more than a fifth said that their income has risen as a result.
Other survey results: a third of the respondents said they rely on realtors as their primary source of new business, more than half use an Apple smartphone and nearly half use a tablet device (for most it’s an iPad) but they don’t use it to perform origination functions.
Interested and qualified mortgage originators can participate in the survey through mid-Sept.
~ Source Appraisal Institute